MeiraGTx (NASDAQ:MGTX) Stock Price Up 6.9% – What’s Next?

MeiraGTx Holdings PLC (NASDAQ:MGTX)’s share price was up 6.9% during mid-day trading on Wednesday . The stock traded as high as $8.28 and last traded at $8.41. Approximately 237,514 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 509,992 shares. The stock had previously closed at $7.87.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MGTX shares. Weiss Ratings reissued a “sell (d-)” rating on shares of MeiraGTx in a research note on Wednesday, October 8th. Wall Street Zen downgraded MeiraGTx from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. HC Wainwright began coverage on MeiraGTx in a research note on Monday, November 24th. They set a “buy” rating and a $20.00 price target on the stock. Chardan Capital restated a “buy” rating and issued a $35.00 price objective on shares of MeiraGTx in a report on Tuesday, November 11th. Finally, Raymond James Financial initiated coverage on shares of MeiraGTx in a report on Tuesday, October 21st. They set a “strong-buy” rating and a $29.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, MeiraGTx currently has an average rating of “Moderate Buy” and an average price target of $26.00.

MeiraGTx Stock Performance

The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 26.29. The stock has a market cap of $676.92 million, a PE ratio of -3.99 and a beta of 1.38. The business’s 50-day moving average price is $8.35 and its 200-day moving average price is $7.93.

MeiraGTx (NASDAQ:MGTX) last announced its earnings results on Thursday, November 13th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.12). MeiraGTx had a negative net margin of 615.27% and a negative return on equity of 1,065.47%. The firm had revenue of $0.41 million during the quarter, compared to analyst estimates of $7.71 million. As a group, equities research analysts expect that MeiraGTx Holdings PLC will post -1.48 earnings per share for the current fiscal year.

Insider Activity

In other MeiraGTx news, CEO Alexandria Forbes sold 47,500 shares of the stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $8.39, for a total value of $398,525.00. Following the completion of the sale, the chief executive officer directly owned 1,313,983 shares in the company, valued at approximately $11,024,317.37. This trade represents a 3.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard Giroux sold 24,000 shares of the firm’s stock in a transaction dated Tuesday, October 21st. The stock was sold at an average price of $8.87, for a total value of $212,880.00. Following the completion of the sale, the chief financial officer directly owned 829,494 shares of the company’s stock, valued at approximately $7,357,611.78. This represents a 2.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 7.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new stake in shares of MeiraGTx during the third quarter valued at $33,000. BNP Paribas Financial Markets lifted its position in MeiraGTx by 43.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,810 shares of the company’s stock worth $31,000 after acquiring an additional 1,466 shares during the period. Tower Research Capital LLC TRC grew its stake in MeiraGTx by 390.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,797 shares of the company’s stock valued at $57,000 after purchasing an additional 7,005 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of MeiraGTx in the second quarter valued at about $61,000. Finally, Ieq Capital LLC acquired a new position in shares of MeiraGTx in the first quarter valued at about $83,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.

About MeiraGTx

MeiraGTx Holdings plc is a clinical-stage biotechnology company dedicated to developing gene therapies for the treatment of rare diseases. Founded in 2014 as an outgrowth of research at University College London, the company focuses on leveraging adeno-associated virus (AAV) vectors to deliver functional genes to target tissues. MeiraGTx’s pipeline spans ocular, central nervous system and systemic indications, addressing conditions such as inherited retinal dystrophies and neurodegenerative disorders that currently lack effective therapies.

The company’s lead programs include AAV-based candidates designed to restore or replace defective genes underlying rare retinal diseases and to modulate cellular pathways in neurological disorders.